ROME (Reuters) -Monte dei Paschi di Siena's (MPS) bid for Mediobanca makes no industrial sense, the chief executive of insurer Generali said in an interview on Wednesday, adding that the bid was aimed
Generali CEO Critiques Monte dei Paschi's Mediobanca Acquisition Plans
ROME (Reuters) -Monte dei Paschi di Siena's (MPS) bid for Mediobanca makes no industrial sense, the chief executive of insurer Generali said in an interview on Wednesday, adding that the bid was aimed at taking charge of his company.
"The industrial logic is not clear, many have expressed doubts" (about the offer), Generali CEO Philippe Donnet told daily la Repubblica.
"It is clear" that Monte dei Paschi's takeover is geared towards taking control of Generali, Donnet said, given that some shareholders own significant stakes in both the Italian banks and in the insurer.
"I see this as a very negative scenario, it would be dangerous for a healthy management of the group. The company need to stay Italian, independent and international," he added.
Construction magnate Francesco Gaetano Caltagirone and investment company Delfin recently acquired nearly 20% of Monte dei Paschi. They together hold 27% of Mediobanca and 17% of Generali.
(Reporting by Giulia Segreti, editing by Gavin Jones)
